There are more fossil fuels listed on the world’s capital markets than we can afford to burn if we are to prevent dangerous climate change. This report quantifies how bad the overshoot is, company by company, stock exchange by stock exchange. Nowhere in the financial chain does the capital market recognise, or quantify, the possibility that governments will do what they say they will in regards to emissions reductions. This is a huge oversight, and there are serious financial risks if the fossil fuel reserves or ‘assets’ held by publicly listed companies becoming stranded as countries begin to shift towards a low carbon economy.